Barclays' Ambitious Expansion Strategy under CEO Rahim Daya
Rahim Daya, the CEO of Barclays Switzerland, is setting his sights on an ambitious expansion agenda for the bank. Despite having around CHF 20 billion in assets under management (AUM), Daya is not content with the current state of affairs.
While there has been talk in Switzerland about crossing the CHF 20 billion AUM threshold being financially rewarding, Daya believes that the bank needs to aim for the range of CHF 25 billion to CHF 30 billion to truly thrive.
Daya's vision for Barclays Switzerland involves bold expansion plans, a departure from the bank's traditionally conservative and low-risk approach. In the past year, Daya has made significant recruitment efforts, bringing in 38 individuals, including private bankers with a focus on foreign clients who choose Switzerland as their financial hub. Notable hires include Saudi specialists Farida Elzomor and Nezar Ayoub, who joined from Credit Suisse, as well as professionals with a focus on Africa.
The recruitment drive also encompasses the appointment of six "private banking executives" tasked with supporting private bankers, and the promotion of three private banking executives to the role of bankers.
Daya is on a continuous quest for top-tier talent and emphasizes that the bank has made substantial hires in Zurich while upgrading its office facilities. Geneva has been a focal point for significant hiring efforts.
However, Daya is not interested in venturing into new markets. Instead, he aims to solidify the bank's existing client base, which includes Swiss onshore clients, foreign clients who use Switzerland for their financial activities, and regions such as the Middle East, Emerging Europe (including Turkey), Israel, Africa (specifically Kenya, Nigeria, and Ghana), as well as a multi-family office and external asset manager desk.
Daya underscores the importance of Switzerland as the international private banking hub for Barclays and notes the presence of global private bank CEO Jean-Christophe Gerard, who resides in Geneva.
In addition to expanding the private banking division, Barclays is focusing on boosting its brand awareness. Daya sees it as his duty to convey the bank's message to a wider audience. The bank's advertisements are visible in prominent locations like Geneva Airport and popular ski resorts such as Zermatt and Gstaad. Furthermore, Barclays has taken an innovative step by setting up a pop-up office in Verbier, providing clients with an opportunity to visit during the ski season. This move aims to set Barclays apart in the competitive Swiss wealth management market.
Despite being part of a global banking group with substantial assets, Barclays Switzerland emphasizes the significance of offering clients access to senior management on a personal level. For example, Gerard recently traveled to Africa to meet private banking clients. Daya believes that many Swiss clients often feel like just another number to their banks, and he emphasizes the importance of providing a personal touch to prevent this sentiment. When asked why they choose Barclays, many clients respond with the sentiment that they feel lost at their current institutions.
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